Business
Nationwide Building Society - Interim Results 2017
Nationwide Building Society - Interim Results 2017.
About this update from Nationwide Building Society
[{"type":"text","content":"\n \nRNS Number : 7694W Nationwide Building Society 17 November 2017 \n\n \n \nNationwide Building Society\nInterim Results\nFor the period ended 30 September 2017\n \n \n\n \n\nContents\n \n\n\n\n\n \n \n\n\nPage\n\n\n\n\nKey highlights and quotes\n \n\n\n3\n\n\n\n\nFinancial summary\n \n\n\n5\n\n\n\n\nChief Executive's review\n \n\n\n6\n\n\n\n\nFinancial review\n \n\n\n10\n\n\n\n\nBusiness and risk report\n \n\n\n17\n\n\n\n\nConsolidated interim financial statements\n \n\n\n46\n\n\n\n\nNotes to the consolidated interim financial statements\n \n\n\n52\n\n\n\n\nResponsibility statement\n \n\n\n72\n\n\n\n\nIndependent review report\n \n\n\n73\n\n\n\n\nOther information\n \n\n\n75\n\n\n\n\nContacts\n \n\n\n75\n\n\n\n\n \nIntroduction\nUnless otherwise stated, the income statement analysis compares the period from 5 April 2017 to 30 September 2017 to the corresponding six months of 2016 and balance sheet analysis at 30 September 2017 with comparatives at 4 April 2017.\n \nUnderlying profit \nProfit before tax shown on a statutory and underlying basis is set out on page 5. Statutory profit before tax of £628 million has been adjusted for a number of items to derive an underlying profit before tax of £588 million. The purpose of this measure is to reflect management's view of the Group's underlying performance and to assist with like for like comparisons of performance across periods. Underlying profit is not designed to measure sustainable levels of profitability as it potentially requires exclusion of non-recurring items even though they are closely related to (or even a direct consequence of) the Group's core business activities.\n \nNationwide has developed a financial performance framework based on the fundamental principle of maintaining its capital at a prudent level in excess of regulatory requirements. The framework provides parameters which allow it to calibrate future performance and help ensure that it achieves the right balance between distributing value to members, investing in the business and maintaining financial strength. The most important of these parameters is underlying profit which is a key component of Nationwide's capital. In this context, Nationwide currently believes that generating ...